MINOR PROJECT ON TECHNICAL ANALYSIS OF BANKING SECTOR

Submitted By:

SHADMAN TAUHEED

A0101913051

MBA Class of 2015

Under the Supervision of

PROFESSOR ANUBHA SRIVASTAVA

In Partial Fulfillment of the Requirements for the Degree of

Master of Business Administration

AMITY BUSINESS SCHOOL

AMITY UNIVERSITY UTTAR PRADESH

SECTOR 125, NOIDA - 201303, UTTAR PRADESH, INDIA

DECLARATION

The title of Minor Project is Technical Analysis of the Banking Sector.

I declare that the work presented for assessment in this minor project is my original work, that it

has not previously been presented for any other assessment and that my debts (for words, data,

arguments and ideas) have been appropriately acknowledged; work conforms to the guidelines

laid by the University, and Plagiarism for this report has been checked using __________

software and is ___________ %. The summary of report is attached along with for reference.

Date: - 25th March, 2014 Shadman Tauheed

A0101913051

M.B.A

CERTIFICATE

This is to certify that Shadman Tauheed student of Masters of Business Administration at

Amity Business School; Amity University Uttar Pradesh has completed the Minor Project on

“Technical Analysis of the Banking Sector”, in Partial Fulfillment of the Requirements for the

Degree of Master of Business Administration under my guidance.

The report has been checked for the plagiarism and it is acceptable.

Professor Anubha Srivastava

ACKNOWLEDGEMENT

This project was indeed a learning experience for me. I learnt a lot not only from the study and

its analysis but also from the insights given to me by my faculty guide. An Endeavour of this

kind cannot be successful without the guidance of elders and faculty concerned. I am thankful to

my Programme Leader Ms. Teena Bagga and my project mentor Professor Anubha Srivastava

for their generous attitude and concern. I am grateful to them for the valuable suggestion,

inspiration and encouragement from time to time.

I also feel immense pleasure in expressing my gratitude to all those who provided or helped me

provide all the information I needed to complete this project. Also, I would like to thank all those

who have directly or indirectly helped me in completing this project successfully.

Date: - 25th March, 2014 Shadman Tauheed

A0101913051

M.B.A

What Is Stock Market?

A stock exchange is a corporation or mutual organization which provides "trading" facilities for

stock brokers and traders, to trade stocks and other securities. Stock exchanges also provide

facilities for the issue and redemption of securities as well as other financial instruments and

capital events including the payment of income and dividends. The securities traded on a stock

exchange include: shares issued by companies, unit trusts, derivatives, pooled investment

products and bonds. To be able to trade a security on a certain stock exchange, it has to be listed

there. Usually there is a central location at least for recordkeeping, but trade is less and less

linked to such a physical place, as modern markets are electronic networks, which gives them

advantages of speed and cost of transactions. Trade on an exchange is by members only. The

initial offering of stocks and bonds to investors is by definition done in the primary market and

subsequent trading is done in the secondary market. A stock exchange is often the most

important component of a stock market. Supply and demand in stock markets is driven by

various factors which, as in all free markets, affect the price of stocks.

There is usually no compulsion to issue stock via the stock exchange itself, nor must stock be

subsequently traded on the exchange. Such trading is said to be off exchange or over-the-counter.

This is the usual way that derivatives and bonds are traded. Increasingly, stock exchanges are

part of a global market for securities.

What is Bull and Bear in Stock Market?

A market trend is the prevailing course or tendency of a financial market to move in a particular

direction over time. These trends are classified as secular trends (long term), primary trends

(mid-term) and secondary trends (short-term). The concept of a market trend is used in technical

analysis and contrasts the standard academic view of financial markets, the efficient market

hypothesis.

Technical analysis utilizes the concept that market trends or market cycles occur with a certain

degree of regularity and predictability and consideration of market trends is common to many

investors. The terms bull market and bear market describe upward and downward market trends

respectively and can be used to describe either the market as a whole or specific sectors and

securities (stocks). Also the terms bullish and bearish may be used synonymous with "optimistic"

and "pessimistic" respectively, e.g., "bullish on gold" or "bearish on technology stocks" etc.

Bull Market:

A bullish market trend in the stock market often begins before the general economy shows clear

signs of recovery. A bull market is associated with increasing investor confidence, and increased

investing in anticipation of future price increases capital gains.

India's Bombay Stock Exchange Index, SENSEX, was in a bull market trend for almost five

years from April 2003 to January 2008 as it increased from 2,900 points to 21,000 points.

Another notable and recent bull market was in the 1990s when the U.S. and many other global

financial markets rose rapidly. In describing financial market behavior, the largest group of

market participants is often referred to, metaphorically, as a herd. This is especially relevant to

participants in bull markets since bulls are herding animals. A bull market is also sometimes

described as a bull run. Dow Theory attempts to describe the character of these market

movements. International sculpture team Mark and Diane Weisbeck were chosen to re-design

Wall Street's Bull Market. Their winning sculpture, the "Bull Market Rocket" was chosen as the

modern, 21st century symbol of the up-trending Bull Market.

Bear Market:

A bear market is a general decline in the stock market over a period of time.[8] A bear market is a

downward primary market trend. It is accompanied by widespread investor fear and pessimism.

Investors anticipate further losses and are motivated to sell.

Prices fluctuate constantly on the open market. To take the example of a bear stock market, it is

not a simple decline, but a substantial drop in the prices of the majority of stocks over a defined

period of time. According to The Vanguard Group, "While there’s no agreed-upon definition of a

bear market, one generally accepted measure is a price decline of 20% or more over at least a

two-month period."

The most famous bear market in history followed the Wall Street Crash of 1929 and erased 89%

(from 386 to 40) of market capitalization by July 1932, marking the start of the Great

Depression. After slowly regaining nearly 50% of its losses, a longer bear market from 1937 to

1942 occurred in which the market was again cut in half. A milder, low-level, long-term bear

market occurred from about 1973 to 1982, encompassing the stagflation of U.S. economy, the

1970s energy crisis, and the high unemployment of the early 1980s.

Banking Sector

The global financial system is still far away from a full recovery on account of a slowdown in

the US economy, the soft landing in China and the Euro debt crisis. The Indian banking sector

has been relatively well shielded by the central bank and has managed to sail through most of

the crisis. But, currently in light of slowing domestic GDP growth, persistent inflation, asset

quality concerns and elevated interest rates, the investment cycle has been wavering in the

country

The cost of borrowings was higher on account of the various monetary tightening measures

undertaken by the central bank. People preferred to park their funds in higher yielding fixed

deposits rather than current or savings account (CASA). CASA accretion slowed for most

banks which led to a higher cost of funds. The savings bank account rate was deregulated by

the RBI, however most banks continue to hold the rate at 4%.

Apart from streamlining their processes through technology initiatives such as ATMs,

telephone banking, online banking and web based products, banks also resorted to cross selling

of financial products such as credit cards, mutual funds and insurance policies to augment their

fee based income. They are also looking at various financial inclusion initiatives in order to

spread the use of financial services among India’s large unbanked population.

Key Points on Banking Sector

Supply Liquidity is controlled by the Reserve Bank of India (RBI).

Demand India is a growing economy and demand for credit is high though it could be

cyclical.

Barriers to entry Licensing requirement, investment in technology and branch network, capital

and regulatory requirements.

Bargaining power

of suppliers

High during periods of tight liquidity. Trade unions in public sector banks

can be anti-reforms and orchestrate strikes. Depositors may invest elsewhere

if interest rates fall.

Bargaining power

of customers

For good creditworthy borrowers bargaining power is high due to the

availability of large number of banks.

Competition High- There are public sector banks, private sector and foreign banks along

with non-banking finance companies competing in similar business

segments. Plus the RBI is planning to issue new banking licenses.

Financial Year 2013

The RBI had to revise its target for credit growth in FY13 a number of times given the external

environment. From starting off with a prediction of 19% credit growth in May 2012, the central

bank brought this estimate down to 16% in January 2013. Finally non-food credit growth came

in at around 17% in FY13 compared to 21.5% in FY12. Against a backdrop of GDP growth

deceleration, weak IIP data and persistent inflation banks became more risk averse to lending

credit. This deceleration also reflects banks’ risk aversion in face of rising NPAs and increased

leverage of corporate balance sheets.

Credit growth decelerated across all bank groups during 2012-13 ranging between 16.3% in the

case of public sector banks and 19.7% for private sector banks. The comparable figures for the

previous year were 21% and 24.7% respectively.

The RBI’s has not yet rolled back its aggressive interest rate policy and rates continue to be

elevated. The repo rate currently stands at 8%, with the reverse repo rate at 7%. While inflation

continues to remain high the RBI has refrained from any further hikes in order to address the

slowdown in growth. It may ease rates once inflation comes under control.

Growth on the deposit front however remained relatively low coming in at around 13% YoY in

FY13; this was as against an RBI target of 17%. Fixed deposits saw good growth, while demand

deposits saw a deceleration on lower yields. The outstanding credit-deposit ratio rose from

74.5% FY12 to 76.7% in FY13. 

In the retail portfolio, while home loans grew by 12% YoY, while vehicle loans grew by 20%.

Overall other personal loans enjoyed a much smaller growth of 8% YoY due to bank’s

reluctance towards uncollateralized credit. Credit card outstanding grew by 13% YoY.

Economic Scenario

Economic growth and unemployment scenario continues to remain grim in the US and Eurozone.

Moreover uncertainties with respect to prospects of emerging economies remain. Back home, the

GDP growth rate has not witnessed any significant uptick. The growth in the manufacturing

sector has slowed while the agricultural growth stands worrisome. The central bank has cut the

growth forecast to less than 5% for 2013-14. That said the RBI Governor remains sanguine of

the turnaround in broader economy in the next financial year. 

The wholesale price index (WPI) and the consumer price index (CPI) at 6.2% and 9.8%

respectively still stand above the desirable levels. Despite good monsoons and bumper crop, the

CPI continues to be in double digits. With rise in wages, the services inflation has been driving

the core inflation higher. The increased policy rates are expected to tame the consumer price

index. 

The gravest risk to the value of the rupee is also from CPI inflation. Moreover, elevated levels of

inflation erode household budgets and constrict the purchasing power of consumers. This, in

turn, discourages investment and weakens growth. 

Policy stance 

Given the lower inflation rates in December 2013, the rate hike move was unexpected. The

beleaguered corporate India which has been clamoring for interest rate cut, will have to brace for

higher funding costs. The prevalent higher borrowing costs and the high raw material costs have

already strained corporate profitability. 

Inflation seems to be on a downward trajectory, but credit growth and GDP is seeing a

slowdown. The credit growth for the banking system has been struggling in the range of 14%-

15% for quite some time now. Marred by economic slowdown and stalled infrastructure projects,

credit growth is expected to remain subdued in the near-term. 

The way forward.... 

The RBI does not see near-term rate hikes if inflationary conditions were to improve from the

current levels. Also, the central bank has maintained that rate cuts are not the only solution to

curbing inflation and stimulating growth. 

The RBI's insistence of policy reform support from the government to balance growth and

inflation has so far yielded no results. Going forward too we expect the face-off between the

government and the RBI on monetary policy stance to continue.

Comparison between the closing prices of SBI and ICICI bank

20 Mar, 2014 15 Jan, 2014 12 Nov, 2013 9 Sep, 2013 5 Jul, 2013 2 May, 20130.00

500.00

1,000.00

1,500.00

2,000.00

2,500.00

3,000.00

SBI Closing PriceICICI Closing Price

The above chart is drawn for a period of one year ranging from 1st April 2013 to 31st March 2014, taking into consideration the daily closing prices of the SBI and the ICICI bank.

We can infer from the chart that period between 16th May and 31st May have shown steep growth in the stock price of the SBI whereas on the other had the ICICI bank have shown a relatively stable movement and there has been less significant movement.

SBI in past one year have shown volatility in its stock prices with average return of -0.31722 from its closing price with a risk of 0.019497.

ICICI bank promised an average return of 0.195932 with a risk of 0.022518, giving better returns but with higher risk.

Risk and Return from the closing prices of SBI and ICICI bank

STATE BANK OF INDIA INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF INDIA

RISK RETURN RISK RETURN

0.019497 -0.31722 0.022518 0.195932

From the above table it is very clear that higher the risks, higher are the returns, SBI with a relatively lower risk at 0.019497 gives a return of -0.31722.

Whereas on the other hand the ICICI bank with a little higher risk of 0.022518 Gives better returns of 0.195932.

BSE BANKEX in comparison with BSE SENSEX

Date 10-Feb-1420-Dec-1331-Oct-13 6-Sep-13 17-Jul-1329-May-13 5-Apr-130

5000

10000

15000

20000

25000

S&P BSE BANKEXS&P BSE SENSEX

The above chart is drawn for a period of one year ranging from 1st April 2013 to 31st March 2014, taking into consideration the daily closing prices of the BSE SENSEX and BSE BANKEX.

There seems to be a perfect correlation between the index for the banking sector which is BSE BANKEX and the BSE SENSEX. The movement in the closing prices of the index shows us that they have been in sync.

So it can be inferred that the stock prices of shares of banking sector follow somewhat similar trend as that of the BSE SENSEX.

Appendix

Prices SBI

Date Open High Low Close Volume Adj Close* LN

20 Mar, 2014 1,703.25 1,705.00 1,673.50 1,677.95 141,700 1,677.95 -0.0173719 Mar, 2014 1,711.00 1,717.95 1,696.00 1,707.35 208,400 1,707.35 0.00525618 Mar, 2014 1,652.15 1,709.40 1,652.15 1,698.40 304,300 1,698.40 0.02679217 Mar, 2014 1,653.50 1,653.50 1,653.50 1,653.50 0 1,653.50 014 Mar, 2014 1,641.00 1,669.95 1,630.10 1,653.50 233,000 1,653.50 0.00102913 Mar, 2014 1,650.50 1,697.30 1,644.80 1,651.80 349,200 1,651.80 0.00427712 Mar, 2014 1,663.00 1,673.50 1,640.00 1,644.75 210,500 1,644.75 -0.0183111 Mar, 2014 1,690.00 1,722.00 1,666.60 1,675.15 301,500 1,675.15 -0.0096210 Mar, 2014 1,650.00 1,710.00 1,640.25 1,691.35 460,000 1,676.35 0.025517 Mar, 2014 1,585.00 1,663.90 1,581.00 1,648.75 507,600 1,634.13 0.0450016 Mar, 2014 1,583.50 1,583.50 1,561.40 1,576.20 239,500 1,562.22 0.0017145 Mar, 2014 1,560.00 1,581.00 1,540.00 1,573.50 356,100 1,559.55 0.0152414 Mar, 2014 1,517.10 1,553.80 1,515.50 1,549.70 209,900 1,535.96 0.0203383 Mar, 2014 1,530.00 1,557.20 1,515.15 1,518.50 398,200 1,505.03 -0.00866

28 Feb, 2014 1,526.25 1,538.10 1,520.00 1,531.70 192,900 1,518.12 0.00658327 Feb, 2014 1,521.65 1,521.65 1,521.65 1,521.65 0 1,508.16 026 Feb, 2014 1,509.20 1,534.00 1,506.70 1,521.65 586,900 1,508.16 0.0098425 Feb, 2014 1,518.70 1,520.60 1,500.00 1,506.75 232,700 1,493.39 -0.0026524 Feb, 2014 1,506.00 1,518.00 1,490.65 1,510.75 380,000 1,497.35 0.00507721 Feb, 2014 1,485.00 1,505.00 1,485.00 1,503.10 251,400 1,489.77 0.01447520 Feb, 2014 1,500.00 1,501.00 1,476.30 1,481.50 170,700 1,468.36 -0.0181619 Feb, 2014 1,500.00 1,515.65 1,498.00 1,508.65 362,300 1,495.27 0.00638418 Feb, 2014 1,472.00 1,510.00 1,472.00 1,499.05 795,300 1,485.76 0.01725917 Feb, 2014 1,476.00 1,484.90 1,463.10 1,473.40 249,000 1,460.33 -0.0011514 Feb, 2014 1,504.00 1,513.70 1,455.95 1,475.10 943,900 1,462.02 -0.0165113 Feb, 2014 1,536.00 1,536.45 1,495.00 1,499.65 226,500 1,486.35 -0.021812 Feb, 2014 1,529.00 1,539.95 1,517.65 1,532.70 1,060,000 1,519.11 0.00930811 Feb, 2014 1,514.00 1,528.20 1,514.00 1,518.50 430,900 1,505.03 0.0027710 Feb, 2014 1,534.70 1,534.70 1,507.60 1,514.30 145,400 1,500.87 -0.008197 Feb, 2014 1,521.00 1,532.90 1,506.10 1,526.75 202,600 1,513.21 0.0148476 Feb, 2014 1,521.90 1,537.00 1,497.00 1,504.25 253,900 1,490.91 -0.011145 Feb, 2014 1,519.70 1,529.75 1,502.00 1,521.10 175,900 1,507.61 0.0033584 Feb, 2014 1,475.00 1,521.75 1,469.00 1,516.00 281,900 1,502.56 0.01743 Feb, 2014 1,530.00 1,530.00 1,486.55 1,489.85 257,400 1,476.64 -0.02371

31 Jan, 2014 1,533.80 1,540.00 1,515.00 1,525.60 224,400 1,512.07 0.00529130 Jan, 2014 1,559.60 1,559.60 1,514.10 1,517.55 307,500 1,504.09 -0.036329 Jan, 2014 1,611.35 1,621.90 1,570.15 1,573.65 281,200 1,559.69 -0.0140728 Jan, 2014 1,600.00 1,628.00 1,580.00 1,595.95 304,400 1,581.80 0.00087827 Jan, 2014 1,600.00 1,604.15 1,584.25 1,594.55 244,600 1,580.41 -0.0170424 Jan, 2014 1,649.45 1,664.10 1,618.25 1,621.95 222,300 1,607.57 -0.02141

23 Jan, 2014 1,640.00 1,662.00 1,635.50 1,657.05 157,100 1,642.35 0.00684322 Jan, 2014 1,657.00 1,657.00 1,635.40 1,645.75 144,500 1,631.15 -0.0077821 Jan, 2014 1,652.60 1,671.40 1,646.40 1,658.60 172,600 1,643.89 0.01066820 Jan, 2014 1,622.95 1,645.90 1,617.00 1,641.00 151,700 1,626.45 0.01161517 Jan, 2014 1,632.65 1,644.90 1,618.25 1,622.05 173,400 1,607.66 -0.0091716 Jan, 2014 1,645.00 1,650.55 1,634.00 1,637.00 124,700 1,622.48 -0.0039915 Jan, 2014 1,635.00 1,658.00 1,633.25 1,643.55 245,300 1,628.97 0.01018214 Jan, 2014 1,634.00 1,648.50 1,622.05 1,626.90 171,500 1,612.47 -0.0092113 Jan, 2014 1,614.00 1,647.10 1,611.75 1,641.95 237,600 1,627.39 0.02036510 Jan, 2014 1,639.90 1,656.65 1,600.00 1,608.85 340,800 1,594.58 -0.01863

9 Jan, 2014 1,654.90 1,662.70 1,630.50 1,639.10 259,500 1,624.56 -0.00998 Jan, 2014 1,665.00 1,675.95 1,650.00 1,655.40 264,600 1,640.72 -0.002627 Jan, 2014 1,695.00 1,702.00 1,653.15 1,659.75 305,000 1,645.03 -0.016676 Jan, 2014 1,720.00 1,721.50 1,681.00 1,687.65 220,800 1,672.68 -0.016723 Jan, 2014 1,730.00 1,735.95 1,710.40 1,716.10 237,200 1,700.88 -0.015272 Jan, 2014 1,766.90 1,805.80 1,733.00 1,742.50 404,000 1,727.05 -0.0131 Jan, 2014 1,774.00 1,774.00 1,761.00 1,765.30 98,600 1,749.64 -0.00011

31 Dec, 2013 1,763.40 1,773.40 1,751.60 1,765.50 169,400 1,749.84 0.0011930 Dec, 2013 1,780.00 1,789.60 1,755.40 1,763.40 198,800 1,747.76 -0.0036827 Dec, 2013 1,757.00 1,781.50 1,757.00 1,769.90 179,700 1,754.20 0.0089126 Dec, 2013 1,755.00 1,770.00 1,747.00 1,754.20 182,700 1,738.64 -0.0028225 Dec, 2013 1,759.15 1,759.15 1,759.15 1,759.15 0 1,743.55 024 Dec, 2013 1,765.00 1,772.00 1,752.10 1,759.15 178,600 1,743.55 0.0009123 Dec, 2013 1,749.90 1,773.00 1,748.00 1,757.55 184,800 1,741.96 0.00324820 Dec, 2013 1,728.00 1,758.00 1,720.95 1,751.85 271,100 1,736.31 0.01229119 Dec, 2013 1,773.10 1,776.80 1,716.10 1,730.45 299,800 1,715.10 -0.0197118 Dec, 2013 1,718.95 1,779.30 1,716.00 1,764.90 453,400 1,749.25 0.0263817 Dec, 2013 1,753.70 1,753.70 1,715.10 1,718.95 303,600 1,703.71 -0.0080516 Dec, 2013 1,734.40 1,760.95 1,730.00 1,732.85 227,500 1,717.48 -0.0061613 Dec, 2013 1,759.60 1,769.85 1,740.50 1,743.55 250,000 1,728.09 -0.0197912 Dec, 2013 1,793.90 1,798.25 1,773.00 1,778.40 239,600 1,762.63 -0.0102411 Dec, 2013 1,840.00 1,840.00 1,782.10 1,796.70 358,900 1,780.77 -0.0262810 Dec, 2013 1,899.40 1,899.40 1,839.10 1,844.55 232,400 1,828.19 -0.023929 Dec, 2013 1,913.00 1,920.90 1,882.20 1,889.20 291,500 1,872.45 0.014616 Dec, 2013 1,853.70 1,867.90 1,845.85 1,861.80 192,700 1,845.29 0.004365 Dec, 2013 1,861.30 1,880.00 1,845.10 1,853.70 305,600 1,837.26 0.0185124 Dec, 2013 1,805.00 1,834.70 1,796.40 1,819.70 270,700 1,803.56 0.0029443 Dec, 2013 1,812.20 1,829.40 1,804.80 1,814.35 225,600 1,798.26 -0.004562 Dec, 2013 1,826.00 1,853.00 1,813.05 1,822.65 304,400 1,806.49 0.000631

29 Nov, 2013 1,764.70 1,829.80 1,764.70 1,821.50 420,600 1,805.35 0.03233228 Nov, 2013 1,785.00 1,790.00 1,760.95 1,763.55 212,700 1,747.91 -0.000227 Nov, 2013 1,789.00 1,797.90 1,756.00 1,763.90 275,400 1,748.26 -0.0123726 Nov, 2013 1,800.00 1,818.50 1,782.00 1,785.85 293,400 1,770.01 -0.01042

25 Nov, 2013 1,747.00 1,809.90 1,741.05 1,804.55 350,900 1,788.55 0.03625422 Nov, 2013 1,771.00 1,781.80 1,735.00 1,740.30 326,600 1,724.87 -0.0113121 Nov, 2013 1,779.05 1,787.85 1,755.00 1,760.10 416,700 1,744.49 -0.0199420 Nov, 2013 1,818.10 1,834.40 1,782.70 1,795.55 417,600 1,779.63 -0.0153419 Nov, 2013 1,765.90 1,829.80 1,764.00 1,823.30 479,600 1,807.13 0.0312818 Nov, 2013 1,747.00 1,770.00 1,735.00 1,767.15 309,100 1,751.48 0.02564915 Nov, 2013 1,722.40 1,722.40 1,722.40 1,722.40 0 1,707.12 014 Nov, 2013 1,721.10 1,740.65 1,710.00 1,722.40 334,000 1,707.12 0.01435613 Nov, 2013 1,660.00 1,735.00 1,653.40 1,697.85 961,400 1,682.79 0.01328112 Nov, 2013 1,701.00 1,719.00 1,670.70 1,675.45 486,100 1,660.59 -0.0174811 Nov, 2013 1,729.70 1,752.70 1,696.00 1,705.00 428,000 1,689.88 -0.022768 Nov, 2013 1,750.00 1,767.85 1,731.00 1,744.25 383,000 1,728.78 -0.004587 Nov, 2013 1,808.90 1,827.00 1,746.85 1,752.25 538,100 1,736.71 -0.032216 Nov, 2013 1,859.00 1,884.90 1,804.00 1,809.60 440,400 1,793.55 -0.034545 Nov, 2013 1,879.00 1,908.00 1,841.05 1,873.20 376,100 1,856.59 -0.00334 Nov, 2013 1,879.40 1,879.40 1,879.40 1,879.40 0 1,862.73 01 Nov, 2013 1,799.00 1,891.00 1,790.10 1,879.40 639,800 1,862.73 0.04566931 Oct, 2013 1,716.00 1,800.95 1,705.00 1,795.50 638,900 1,779.58 0.04237830 Oct, 2013 1,745.00 1,757.15 1,715.00 1,721.00 302,600 1,705.74 -0.0094329 Oct, 2013 1,668.25 1,741.80 1,645.10 1,737.30 584,200 1,721.89 0.03580328 Oct, 2013 1,722.00 1,737.90 1,671.50 1,676.20 246,000 1,661.33 -0.0244325 Oct, 2013 1,715.85 1,738.80 1,697.05 1,717.65 244,000 1,702.42 -0.0003524 Oct, 2013 1,715.00 1,743.00 1,707.00 1,718.25 334,900 1,703.01 0.00110623 Oct, 2013 1,692.00 1,733.95 1,685.25 1,716.35 597,700 1,701.13 0.02325322 Oct, 2013 1,668.00 1,692.00 1,661.15 1,676.90 242,900 1,662.03 0.00337521 Oct, 2013 1,668.40 1,694.80 1,662.05 1,671.25 323,200 1,656.43 0.00386718 Oct, 2013 1,630.00 1,672.00 1,627.55 1,664.80 351,900 1,650.04 0.02629217 Oct, 2013 1,622.90 1,635.00 1,601.00 1,621.60 483,700 1,607.22 3.08E-0516 Oct, 2013 1,621.55 1,621.55 1,621.55 1,621.55 0 1,607.17 015 Oct, 2013 1,665.00 1,693.90 1,611.80 1,621.55 445,200 1,607.17 -0.0211414 Oct, 2013 1,648.70 1,669.00 1,643.00 1,656.20 214,400 1,641.51 0.00278111 Oct, 2013 1,652.00 1,671.15 1,631.40 1,651.60 356,000 1,636.95 0.01132610 Oct, 2013 1,615.00 1,639.00 1,609.85 1,633.00 465,000 1,618.52 0.0127269 Oct, 2013 1,590.60 1,620.00 1,577.25 1,612.35 473,000 1,598.05 0.0004348 Oct, 2013 1,672.00 1,680.00 1,601.95 1,611.65 431,100 1,597.36 -0.013017 Oct, 2013 1,644.90 1,645.65 1,620.20 1,632.75 230,000 1,618.27 -0.011964 Oct, 2013 1,651.00 1,677.50 1,631.50 1,652.40 517,800 1,637.75 -0.004263 Oct, 2013 1,646.00 1,664.50 1,626.00 1,659.45 384,600 1,644.73 0.0096582 Oct, 2013 1,643.50 1,643.50 1,643.50 1,643.50 0 1,628.92 01 Oct, 2013 1,624.40 1,650.00 1,614.25 1,643.50 312,200 1,628.92 0.017338

30 Sep, 2013 1,614.60 1,631.00 1,597.10 1,615.25 433,000 1,600.92 -0.0162427 Sep, 2013 1,682.00 1,689.95 1,628.00 1,641.70 318,600 1,627.14 -0.020226 Sep, 2013 1,690.00 1,697.80 1,667.00 1,675.20 303,700 1,660.34 -0.00663

25 Sep, 2013 1,643.00 1,695.00 1,635.20 1,686.35 432,300 1,671.39 0.02358124 Sep, 2013 1,625.00 1,655.00 1,598.00 1,647.05 731,000 1,632.44 -0.0032723 Sep, 2013 1,711.00 1,725.00 1,641.35 1,652.45 508,700 1,637.79 -0.0553820 Sep, 2013 1,812.05 1,844.55 1,695.00 1,746.55 973,700 1,731.06 -0.0349919 Sep, 2013 1,742.00 1,817.95 1,741.00 1,808.75 664,300 1,792.71 0.07756918 Sep, 2013 1,640.25 1,679.00 1,638.00 1,673.75 280,600 1,658.91 0.02348517 Sep, 2013 1,653.00 1,660.00 1,628.50 1,634.90 219,900 1,620.40 -0.0089816 Sep, 2013 1,697.00 1,705.00 1,640.00 1,649.65 414,500 1,635.02 -0.0080313 Sep, 2013 1,644.90 1,684.90 1,632.00 1,662.95 350,000 1,648.20 0.00292112 Sep, 2013 1,703.00 1,707.00 1,647.00 1,658.10 352,600 1,643.39 -0.0184111 Sep, 2013 1,620.30 1,697.00 1,604.25 1,688.90 618,800 1,673.92 0.03460810 Sep, 2013 1,660.00 1,694.25 1,617.00 1,631.45 386,900 1,616.98 -0.00119 Sep, 2013 1,633.25 1,633.25 1,633.25 1,633.25 0 1,618.77 06 Sep, 2013 1,640.00 1,647.90 1,597.10 1,633.25 465,600 1,618.77 -0.001845 Sep, 2013 1,531.00 1,643.90 1,531.00 1,636.25 877,800 1,621.74 0.0929264 Sep, 2013 1,480.00 1,510.80 1,455.00 1,491.05 402,900 1,477.83 0.0106193 Sep, 2013 1,526.00 1,534.80 1,465.00 1,475.30 383,500 1,462.22 -0.027642 Sep, 2013 1,525.00 1,540.95 1,511.15 1,516.65 273,100 1,503.20 0.001485

30 Aug, 2013 1,488.00 1,519.40 1,471.70 1,514.40 453,900 1,500.97 0.01674729 Aug, 2013 1,506.60 1,524.25 1,473.00 1,489.25 509,100 1,476.04 -0.0059928 Aug, 2013 1,498.80 1,511.30 1,452.90 1,498.20 573,500 1,484.91 -0.0143827 Aug, 2013 1,543.90 1,543.90 1,501.65 1,519.90 531,100 1,506.42 -0.0242826 Aug, 2013 1,574.90 1,585.00 1,546.80 1,557.25 406,500 1,543.44 -0.0014123 Aug, 2013 1,569.00 1,587.30 1,542.55 1,559.45 469,200 1,545.62 -0.0074422 Aug, 2013 1,530.15 1,576.65 1,513.10 1,571.10 757,100 1,557.17 0.01377921 Aug, 2013 1,635.10 1,650.00 1,524.55 1,549.60 716,700 1,535.86 -0.0025120 Aug, 2013 1,504.40 1,561.50 1,488.80 1,553.50 476,900 1,539.72 0.01498119 Aug, 2013 1,571.70 1,571.70 1,521.20 1,530.40 700,300 1,516.83 -0.0263116 Aug, 2013 1,616.65 1,616.65 1,553.40 1,571.20 892,600 1,557.27 -0.0337315 Aug, 2013 1,625.10 1,625.10 1,625.10 1,625.10 0 1,610.69 014 Aug, 2013 1,626.90 1,641.00 1,608.00 1,625.10 511,600 1,610.69 0.00271113 Aug, 2013 1,591.20 1,628.00 1,575.00 1,620.70 681,400 1,606.33 0.00985912 Aug, 2013 1,667.00 1,670.00 1,575.00 1,604.80 1,020,000 1,590.57 -0.034699 Aug, 2013 1,661.45 1,661.45 1,661.45 1,661.45 0 1,646.72 08 Aug, 2013 1,713.90 1,717.90 1,649.95 1,661.45 361,800 1,646.72 -0.030887 Aug, 2013 1,645.00 1,727.25 1,637.00 1,713.55 421,100 1,698.35 0.0434146 Aug, 2013 1,669.00 1,676.35 1,633.15 1,640.75 442,200 1,626.20 -0.025045 Aug, 2013 1,685.30 1,694.90 1,656.00 1,682.35 281,500 1,667.43 0.0005952 Aug, 2013 1,694.00 1,709.80 1,665.50 1,681.35 415,900 1,666.44 -0.001251 Aug, 2013 1,717.00 1,722.50 1,665.00 1,683.45 539,600 1,668.52 -0.0155631 Jul, 2013 1,719.85 1,719.85 1,690.10 1,709.85 464,200 1,694.69 -0.0080430 Jul, 2013 1,750.90 1,770.45 1,718.00 1,723.65 684,000 1,708.36 -0.0117729 Jul, 2013 1,767.00 1,770.00 1,736.55 1,744.05 307,900 1,728.58 -0.01183

26 Jul, 2013 1,814.00 1,823.90 1,751.10 1,764.80 650,800 1,749.15 -0.0194425 Jul, 2013 1,799.00 1,815.65 1,790.00 1,799.45 399,900 1,783.49 -0.0019224 Jul, 2013 1,829.00 1,829.00 1,787.55 1,802.90 618,900 1,786.91 -0.0317723 Jul, 2013 1,841.80 1,869.90 1,834.75 1,861.10 281,200 1,844.59 0.02005422 Jul, 2013 1,809.90 1,833.90 1,806.35 1,824.15 246,700 1,807.97 0.00552519 Jul, 2013 1,835.00 1,835.00 1,800.00 1,814.10 352,800 1,798.01 -0.0056918 Jul, 2013 1,816.00 1,830.00 1,792.00 1,824.45 552,300 1,808.27 0.00958317 Jul, 2013 1,838.00 1,839.00 1,790.25 1,807.05 637,000 1,791.02 -0.0117716 Jul, 2013 1,860.00 1,860.00 1,798.10 1,828.45 707,300 1,812.23 -0.0468215 Jul, 2013 1,895.00 1,920.00 1,866.90 1,916.10 358,900 1,899.11 0.01191812 Jul, 2013 1,917.40 1,920.65 1,882.60 1,893.40 227,000 1,876.61 -0.0088111 Jul, 2013 1,904.30 1,926.40 1,900.00 1,910.15 265,800 1,893.21 0.01721410 Jul, 2013 1,909.90 1,924.00 1,867.05 1,877.55 321,600 1,860.90 -0.009969 Jul, 2013 1,889.90 1,912.00 1,881.00 1,896.35 281,500 1,879.53 0.0100968 Jul, 2013 1,880.60 1,885.00 1,800.00 1,877.30 308,700 1,860.65 -0.009235 Jul, 2013 1,923.00 1,927.00 1,889.00 1,894.70 395,900 1,877.90 -0.003564 Jul, 2013 1,905.00 1,924.00 1,872.65 1,901.45 540,400 1,884.59 0.0009733 Jul, 2013 1,978.70 1,978.70 1,892.70 1,899.60 497,800 1,882.75 -0.046922 Jul, 2013 2,014.00 2,028.60 1,984.00 1,990.85 323,500 1,973.19 -0.012361 Jul, 2013 1,963.95 2,023.00 1,955.00 2,015.60 301,400 1,997.72 0.031243

28 Jun, 2013 1,930.35 1,958.00 1,929.00 1,953.60 248,600 1,936.27 0.02063527 Jun, 2013 1,919.95 1,926.40 1,901.10 1,913.70 295,800 1,896.73 0.00681626 Jun, 2013 1,917.00 1,925.55 1,894.00 1,900.70 508,400 1,883.84 -0.0073625 Jun, 2013 1,948.00 1,952.00 1,908.15 1,914.75 533,000 1,897.77 -0.0176524 Jun, 2013 1,989.00 1,989.00 1,932.00 1,948.85 535,000 1,931.57 -0.021121 Jun, 2013 1,995.50 2,008.60 1,967.00 1,990.40 600,300 1,972.75 -0.0040420 Jun, 2013 2,012.00 2,020.00 1,985.15 1,998.45 735,400 1,980.73 -0.0233719 Jun, 2013 2,043.90 2,052.00 2,029.10 2,045.70 350,900 2,027.56 0.0008818 Jun, 2013 2,064.00 2,074.90 2,038.00 2,043.90 338,000 2,025.77 -0.0102517 Jun, 2013 2,056.00 2,072.00 1,993.00 2,064.95 535,900 2,046.64 0.00909714 Jun, 2013 2,042.00 2,059.90 2,031.25 2,046.25 298,200 2,028.10 0.0130113 Jun, 2013 1,987.00 2,035.40 1,987.00 2,019.80 518,200 2,001.89 0.00483912 Jun, 2013 2,002.00 2,020.00 1,973.25 2,010.05 598,600 1,992.22 0.00618811 Jun, 2013 2,005.00 2,025.00 1,982.50 1,997.65 471,000 1,979.93 -0.0072110 Jun, 2013 2,041.60 2,046.90 2,001.25 2,012.10 311,600 1,994.26 -0.005487 Jun, 2013 2,037.90 2,074.95 2,015.00 2,023.15 418,600 2,005.21 -0.012776 Jun, 2013 2,022.00 2,066.00 2,007.30 2,049.15 579,600 2,030.98 0.0086015 Jun, 2013 2,025.00 2,043.80 2,014.00 2,031.60 439,800 2,013.58 0.002764 Jun, 2013 2,070.50 2,084.45 2,021.05 2,026.00 374,000 2,008.03 -0.021343 Jun, 2013 2,054.70 2,080.00 2,040.55 2,069.70 395,500 2,051.34 0.010686

31 May, 2013 2,093.80 2,093.80 2,041.55 2,047.70 396,200 2,029.54 -0.019730 May, 2013 2,100.05 2,118.60 2,080.40 2,088.45 330,200 2,069.93 -0.0080129 May, 2013 2,141.90 2,141.90 2,096.00 2,105.25 321,700 2,086.58 -0.01181

28 May, 2013 2,136.90 2,162.00 2,122.35 2,130.25 387,100 2,111.36 -0.0146127 May, 2013 2,152.00 2,182.15 2,146.45 2,161.60 338,000 2,101.30 0.00484624 May, 2013 2,187.60 2,198.75 2,130.10 2,151.15 761,400 2,091.14 -0.0115823 May, 2013 2,351.05 2,354.80 2,154.50 2,176.20 1,169,100 2,115.49 -0.082922 May, 2013 2,376.00 2,403.00 2,347.25 2,364.30 308,500 2,298.34 0.00135421 May, 2013 2,424.80 2,428.90 2,353.00 2,361.10 428,400 2,295.23 -0.0218120 May, 2013 2,430.10 2,469.25 2,403.00 2,413.15 338,900 2,345.83 -0.0047317 May, 2013 2,415.10 2,436.00 2,387.95 2,424.60 326,700 2,356.96 0.0040516 May, 2013 2,381.00 2,438.90 2,372.00 2,414.80 341,500 2,347.43 0.01262715 May, 2013 2,310.00 2,397.00 2,307.55 2,384.50 537,900 2,317.98 0.0398714 May, 2013 2,278.00 2,317.00 2,265.60 2,291.30 349,400 2,227.38 0.00571213 May, 2013 2,305.00 2,316.50 2,271.35 2,278.25 257,200 2,214.69 -0.0067810 May, 2013 2,285.00 2,323.05 2,285.00 2,293.75 346,700 2,229.76 -0.000269 May, 2013 2,257.00 2,324.25 2,244.25 2,294.35 533,400 2,230.34 0.0179438 May, 2013 2,260.20 2,269.95 2,232.45 2,253.55 246,700 2,190.68 -0.001247 May, 2013 2,223.00 2,263.90 2,222.00 2,256.35 294,800 2,193.40 0.0138796 May, 2013 2,206.00 2,231.90 2,183.15 2,225.25 397,000 2,163.17 0.0039173 May, 2013 2,293.00 2,293.00 2,210.00 2,216.55 701,300 2,154.71 -0.036672 May, 2013 2,275.00 2,325.45 2,268.65 2,299.35 322,400 2,235.20 0.0154051 May, 2013 2,264.20 2,264.20 2,264.20 2,264.20 0 2,201.04 030 Apr, 2013 2,280.00 2,292.00 2,225.00 2,264.20 318,300 2,201.04 -0.0012429 Apr, 2013 2,300.25 2,309.85 2,262.20 2,267.00 211,000 2,203.76 -0.009926 Apr, 2013 2,332.00 2,332.00 2,280.10 2,289.55 192,400 2,225.68 -0.0179825 Apr, 2013 2,305.55 2,339.00 2,294.55 2,331.10 305,300 2,266.07 0.01925224 Apr, 2013 2,286.65 2,286.65 2,286.65 2,286.65 0 2,222.86 023 Apr, 2013 2,338.00 2,342.00 2,266.20 2,286.65 366,700 2,222.86 -0.0161822 Apr, 2013 2,305.30 2,336.70 2,305.30 2,323.95 276,400 2,259.12 0.01297119 Apr, 2013 2,294.00 2,294.00 2,294.00 2,294.00 0 2,230.00 018 Apr, 2013 2,251.15 2,308.20 2,234.55 2,294.00 366,100 2,230.00 0.02183717 Apr, 2013 2,194.00 2,267.00 2,192.95 2,244.45 350,500 2,181.84 0.02828716 Apr, 2013 2,148.00 2,189.90 2,140.00 2,181.85 300,000 2,120.98 0.01717315 Apr, 2013 2,065.00 2,154.65 2,062.15 2,144.70 359,900 2,084.87 0.02964712 Apr, 2013 2,042.00 2,093.00 2,023.95 2,082.05 313,600 2,023.97 0.0195711 Apr, 2013 2,032.00 2,049.90 2,008.00 2,041.70 318,000 1,984.74 0.0101910 Apr, 2013 2,000.00 2,026.15 1,976.10 2,021.00 410,400 1,964.62 0.016916

9 Apr, 2013 2,041.25 2,065.00 1,979.00 1,987.10 410,400 1,931.67 -0.02338 Apr, 2013 2,056.25 2,072.40 2,031.00 2,033.95 225,200 1,977.21 -0.010935 Apr, 2013 2,064.15 2,085.00 2,043.05 2,056.30 288,500 1,998.94 -0.007124 Apr, 2013 2,092.00 2,098.00 2,060.00 2,071.00 298,400 2,013.23 -0.017383 Apr, 2013 2,141.75 2,157.00 2,091.20 2,107.30 326,200 2,048.51 -0.015452 Apr, 2013 2,084.00 2,146.40 2,076.20 2,140.10 296,900 2,080.40 0.0234011 Apr, 2013 2,089.90 2,098.00 2,068.00 2,090.60 214,500 2,032.28

Average of Log Value -0.00087

Prices ICICI

Date Open High Low Close VolumeAdj Close* LN

20 Mar, 2014 1,206.00 1,219.00 1,199.80 1,204.80 2,57,982 1,203.43 -0.0045119 Mar, 2014 1,210.00 1,223.00 1,203.00 1,210.25 2,61,627 1,213.50 0.00451318 Mar, 2014 1,212.20 1,231.00 1,199.80 1,204.80 1,96,464 1,215.59 -0.007417 Mar, 2014 1,213.75 1,213.75 1,213.75 1,213.75 0 1,213.75 014 Mar, 2014 1,203.00 1,218.70 1,188.45 1,213.75 357,600 1,213.75 -0.003713 Mar, 2014 1,210.70 1,241.25 1,210.00 1,218.25 370,200 1,218.25 0.00617512 Mar, 2014 1,192.25 1,223.00 1,183.00 1,210.75 354,400 1,210.75 0.01021111 Mar, 2014 1,195.00 1,231.90 1,191.15 1,198.45 551,100 1,198.45 0.00388810 Mar, 2014 1,182.00 1,214.20 1,182.00 1,193.80 407,300 1,193.80 -0.006267 Mar, 2014 1,136.00 1,230.45 1,136.00 1,201.30 747,000 1,201.30 0.0579626 Mar, 2014 1,103.20 1,139.40 1,103.20 1,133.65 303,200 1,133.65 0.0327275 Mar, 2014 1,073.00 1,100.00 1,065.90 1,097.15 233,500 1,097.15 0.0266474 Mar, 2014 1,033.25 1,072.00 1,033.25 1,068.30 223,300 1,068.30 0.036853 Mar, 2014 1,039.40 1,050.60 1,022.25 1,029.65 147,000 1,029.65 -0.0135528 Feb, 2014 1,040.50 1,048.00 1,030.95 1,043.70 129,300 1,043.70 0.00701927 Feb, 2014 1,036.40 1,036.40 1,036.40 1,036.40 0 1,036.40 026 Feb, 2014 1,034.00 1,039.90 1,028.05 1,036.40 83,800 1,036.40 0.00551525 Feb, 2014 1,040.25 1,048.80 1,025.10 1,030.70 197,400 1,030.70 -0.0053224 Feb, 2014 1,021.00 1,042.00 1,018.40 1,036.20 194,400 1,036.20 0.01111121 Feb, 2014 1,013.75 1,032.65 1,012.80 1,024.75 228,600 1,024.75 0.01603420 Feb, 2014 1,016.00 1,021.35 1,006.60 1,008.45 108,100 1,008.45 -0.0217819 Feb, 2014 1,033.50 1,042.00 1,027.40 1,030.65 144,900 1,030.65 -0.0068718 Feb, 2014 1,011.00 1,046.00 1,004.40 1,037.75 275,800 1,037.75 0.02764917 Feb, 2014 990 1,014.00 988.85 1,009.45 152,600 1,009.45 0.02107314 Feb, 2014 986 991 970 988.4 168,700 988.4 0.00731113 Feb, 2014 1,001.00 1,008.90 977 981.2 174,800 981.2 -0.0182312 Feb, 2014 977 1,001.00 975.95 999.25 294,200 999.25 0.03063711 Feb, 2014 964.95 972.9 962.2 969.1 107,200 969.1 0.00990310 Feb, 2014 966 968 956 959.55 129,700 959.55 -0.002297 Feb, 2014 970 970.5 951.7 961.75 211,400 961.75 0.0043246 Feb, 2014 969.85 974.9 946 957.6 326,400 957.6 -0.008895 Feb, 2014 974.8 977 955.1 966.15 257,100 966.15 -0.004084 Feb, 2014 950 973.4 944.25 970.1 257,900 970.1 0.0066193 Feb, 2014 984.3 984.3 956 963.7 227,400 963.7 -0.0254131 Jan, 2014 984 995 970 988.5 222,800 988.5 0.01400830 Jan, 2014 985 992.55 965 974.75 486,100 974.75 -0.0275229 Jan, 2014 1,030.00 1,040.95 996.2 1,001.95 624,600 1,001.95 -0.0170228 Jan, 2014 1,011.55 1,029.00 978.65 1,019.15 402,300 1,019.15 0.00896927 Jan, 2014 1,036.00 1,038.55 1,008.00 1,010.05 247,100 1,010.05 -0.0463324 Jan, 2014 1,068.00 1,073.75 1,052.90 1,057.95 147,300 1,057.95 -0.01979

23 Jan, 2014 1,091.00 1,091.00 1,072.00 1,079.10 201,200 1,079.10 -0.0073422 Jan, 2014 1,080.00 1,090.50 1,069.05 1,087.05 289,200 1,087.05 0.00761821 Jan, 2014 1,050.25 1,085.00 1,048.70 1,078.80 393,300 1,078.80 0.03269420 Jan, 2014 1,035.00 1,047.50 1,028.00 1,044.10 156,800 1,044.10 0.00875417 Jan, 2014 1,050.10 1,061.90 1,032.00 1,035.00 333,100 1,035.00 -0.0246716 Jan, 2014 1,068.00 1,075.85 1,048.90 1,060.85 296,500 1,060.85 0.00235915 Jan, 2014 1,041.50 1,068.45 1,041.50 1,058.35 314,700 1,058.35 0.01984914 Jan, 2014 1,054.90 1,060.40 1,027.00 1,037.55 179,300 1,037.55 -0.0178213 Jan, 2014 1,028.85 1,062.45 1,027.00 1,056.20 218,100 1,056.20 0.03042410 Jan, 2014 1,050.75 1,055.00 1,015.00 1,024.55 273,700 1,024.55 -0.025969 Jan, 2014 1,060.00 1,065.25 1,042.80 1,051.50 369,800 1,051.50 -0.002428 Jan, 2014 1,059.00 1,063.00 1,042.60 1,054.05 212,300 1,054.05 0.0038977 Jan, 2014 1,044.90 1,059.10 1,025.10 1,049.95 373,900 1,049.95 0.0088496 Jan, 2014 1,066.00 1,066.40 1,035.00 1,040.70 350,400 1,040.70 -0.024963 Jan, 2014 1,063.00 1,074.80 1,046.00 1,067.00 362,800 1,067.00 -0.007562 Jan, 2014 1,097.00 1,118.00 1,070.00 1,075.10 327,300 1,075.10 -0.020531 Jan, 2014 1,102.00 1,105.90 1,092.35 1,097.40 83,200 1,097.40 -0.0009631 Dec, 2013 1,100.00 1,108.00 1,094.95 1,098.45 129,500 1,098.45 0.00278130 Dec, 2013 1,109.00 1,123.40 1,092.55 1,095.40 128,500 1,095.40 -0.0113527 Dec, 2013 1,107.00 1,114.00 1,102.00 1,107.90 168,400 1,107.90 0.00874826 Dec, 2013 1,098.00 1,103.60 1,092.20 1,098.25 175,400 1,098.25 -4.6E-0525 Dec, 2013 1,098.30 1,098.30 1,098.30 1,098.30 0 1,098.30 024 Dec, 2013 1,102.00 1,105.75 1,088.50 1,098.30 218,100 1,098.30 0.00150323 Dec, 2013 1,085.05 1,107.00 1,085.05 1,096.65 241,100 1,096.65 0.00860920 Dec, 2013 1,065.50 1,089.90 1,065.50 1,087.25 290,600 1,087.25 0.02189819 Dec, 2013 1,106.00 1,112.00 1,058.30 1,063.70 480,900 1,063.70 -0.0306418 Dec, 2013 1,087.35 1,134.00 1,082.30 1,096.80 594,300 1,096.80 -0.0013217 Dec, 2013 1,111.00 1,121.85 1,090.00 1,098.25 250,600 1,098.25 0.00077416 Dec, 2013 1,087.00 1,097.40 515.5 1,097.40 185,800 1,097.40 0.01094913 Dec, 2013 1,116.00 1,119.90 1,080.20 1,085.45 503,300 1,085.45 -0.0420412 Dec, 2013 1,158.20 1,158.20 1,128.00 1,132.05 243,900 1,132.05 -0.0239211 Dec, 2013 1,151.00 1,172.70 1,141.35 1,159.45 336,600 1,159.45 -0.0002610 Dec, 2013 1,200.00 1,203.00 1,154.05 1,159.75 532,100 1,159.75 -0.035579 Dec, 2013 1,197.50 1,206.20 1,191.50 1,201.75 765,000 1,201.75 0.0503416 Dec, 2013 1,132.40 1,145.20 1,122.80 1,142.75 501,700 1,142.75 0.0058365 Dec, 2013 1,100.55 1,139.90 1,100.55 1,136.10 794,900 1,136.10 0.0644864 Dec, 2013 1,076.65 1,078.00 1,058.20 1,065.15 444,700 1,065.15 -0.019483 Dec, 2013 1,086.00 1,098.80 1,078.45 1,086.10 338,800 1,086.10 -0.002572 Dec, 2013 1,068.20 1,101.00 1,068.20 1,088.90 288,900 1,088.90 0.01947429 Nov, 2013 1,044.00 1,072.80 1,044.00 1,067.90 350,100 1,067.90 0.02676228 Nov, 2013 1,054.00 1,064.35 1,031.65 1,039.70 377,200 1,039.70 -0.002427 Nov, 2013 1,049.60 1,057.30 1,037.35 1,042.20 287,200 1,042.20 -0.0029226 Nov, 2013 1,067.00 1,084.80 1,041.00 1,045.25 291,300 1,045.25 -0.02648

25 Nov, 2013 1,039.70 1,077.45 1,034.95 1,073.30 390,100 1,073.30 0.04946622 Nov, 2013 1,036.00 1,044.40 1,011.80 1,021.50 407,100 1,021.50 -0.00821 Nov, 2013 1,040.00 1,040.95 1,021.60 1,029.70 222,100 1,029.70 -0.0212820 Nov, 2013 1,079.00 1,080.00 1,043.00 1,051.85 200,400 1,051.85 -0.0288219 Nov, 2013 1,078.00 1,089.10 1,072.10 1,082.60 476,900 1,082.60 0.00816218 Nov, 2013 1,065.40 1,086.75 1,060.00 1,073.80 377,500 1,073.80 0.02265215 Nov, 2013 1,049.75 1,049.75 1,049.75 1,049.75 0 1,049.75 014 Nov, 2013 1,024.00 1,067.95 1,024.00 1,049.75 339,500 1,049.75 0.03519213 Nov, 2013 999 1,024.00 995.6 1,013.45 288,900 1,013.45 0.00098712 Nov, 2013 1,038.00 1,043.85 1,008.20 1,012.45 284,200 1,012.45 -0.0245911 Nov, 2013 1,042.80 1,053.35 1,032.00 1,037.65 199,300 1,037.65 -0.011598 Nov, 2013 1,050.80 1,058.00 1,041.00 1,049.75 262,200 1,049.75 -0.001297 Nov, 2013 1,082.25 1,091.70 1,048.30 1,051.10 428,000 1,051.10 -0.027366 Nov, 2013 1,098.50 1,100.00 1,076.90 1,080.25 244,300 1,080.25 -0.014345 Nov, 2013 1,120.00 1,136.45 1,091.65 1,095.85 326,100 1,095.85 -0.033694 Nov, 2013 1,133.40 1,133.40 1,133.40 1,133.40 0 1,133.40 01 Nov, 2013 1,122.00 1,139.85 1,107.95 1,133.40 331,400 1,133.40 0.01095631 Oct, 2013 1,095.00 1,129.85 1,088.10 1,121.05 361,700 1,121.05 0.01945630 Oct, 2013 1,081.00 1,107.00 1,079.40 1,099.45 625,200 1,099.45 0.02207129 Oct, 2013 1,016.00 1,080.00 1,002.30 1,075.45 802,200 1,075.45 0.05829428 Oct, 2013 1,027.00 1,041.50 1,008.70 1,014.55 260,800 1,014.55 -0.0069725 Oct, 2013 1,033.95 1,037.00 1,007.90 1,021.65 704,100 1,021.65 024 Oct, 2013 1,025.70 1,047.70 1,013.55 1,021.65 444,200 1,021.65 -0.0027923 Oct, 2013 1,012.00 1,027.25 1,005.45 1,024.50 293,100 1,024.50 0.01291922 Oct, 2013 998 1,026.70 998 1,011.35 264,600 1,011.35 0.00108821 Oct, 2013 1,009.40 1,025.55 1,004.00 1,010.25 294,900 1,010.25 0.00123818 Oct, 2013 974 1,014.00 973.25 1,009.00 526,700 1,009.00 0.04339617 Oct, 2013 973 979.4 958.6 966.15 200,100 966.15 -0.0095816 Oct, 2013 975.45 975.45 975.45 975.45 0 975.45 015 Oct, 2013 1,000.00 1,003.00 972.1 975.45 223,300 975.45 -0.0200414 Oct, 2013 994 1,004.80 987.1 995.2 284,900 995.2 -0.0002511 Oct, 2013 961 998.9 951.4 995.45 529,100 995.45 0.04889310 Oct, 2013 945 957 934.05 947.95 400,300 947.95 -0.00199 Oct, 2013 926 955 908.1 949.75 463,900 949.75 0.0133028 Oct, 2013 948 951.1 932 937.2 300,400 937.2 0.0223897 Oct, 2013 919 919 892.5 916.45 530,600 916.45 -0.015164 Oct, 2013 934 944 920.8 930.45 455,800 930.45 -0.007973 Oct, 2013 915.05 940 905.5 937.9 469,600 937.9 0.02912 Oct, 2013 911 911 911 911 0 911 01 Oct, 2013 892 915.95 884.05 911 433,300 911 0.02901230 Sep, 2013 909 917 878.55 884.95 514,000 884.95 -0.0424227 Sep, 2013 949 949.35 915.7 923.3 574,200 923.3 -0.0233926 Sep, 2013 940 956.9 935 945.15 333,700 945.15 0.008447

25 Sep, 2013 945 955 918.9 937.2 413,500 937.2 -0.0087624 Sep, 2013 932.9 970 931 945.45 326,000 945.45 0.00153523 Sep, 2013 961 972.7 932.7 944 592,900 944 -0.0448520 Sep, 2013 1,032.05 1,036.90 960.9 987.3 628,000 987.3 -0.0490219 Sep, 2013 1,025.00 1,069.00 1,025.00 1,036.90 651,500 1,036.90 0.06345318 Sep, 2013 966 975 963 973.15 242,600 973.15 0.01064117 Sep, 2013 966.9 974.9 955 962.85 249,600 962.85 -0.0071916 Sep, 2013 970.55 989.1 951.8 969.8 493,900 969.8 0.03062513 Sep, 2013 943.6 961 932.9 940.55 595,300 940.55 -0.0110512 Sep, 2013 962.5 962.5 941 951 602,400 951 -0.0189611 Sep, 2013 967 977.65 949 969.2 375,400 969.2 -0.0003610 Sep, 2013 971 982 961.6 969.55 518,700 969.55 0.0109419 Sep, 2013 959 959 959 959 0 959 06 Sep, 2013 901.1 962.7 901.1 959 650,900 959 0.0711375 Sep, 2013 868 907.1 864.45 893.15 622,100 893.15 0.0880144 Sep, 2013 786 821 780.25 817.9 491,500 817.9 0.0425223 Sep, 2013 835 838 777.55 783.85 811,800 783.85 -0.053472 Sep, 2013 814.95 832.4 809.65 826.9 303,400 826.9 0.02771130 Aug, 2013 809 827.5 797.6 804.3 768,400 804.3 -0.0029829 Aug, 2013 812 819.9 793.15 806.7 359,600 806.7 0.01253628 Aug, 2013 790 808.1 758.8 796.65 1,223,800 796.65 -0.0083127 Aug, 2013 815.9 823.5 800 803.3 653,800 803.3 -0.0331226 Aug, 2013 855 859 822.55 830.35 690,400 830.35 -0.0260923 Aug, 2013 839.9 865.8 821.65 852.3 773,100 852.3 0.0256722 Aug, 2013 821 836.45 801.9 830.7 552,700 830.7 0.00247121 Aug, 2013 865.3 879.4 804.55 828.65 1,035,400 828.65 -0.0010920 Aug, 2013 799 834.6 790 829.55 697,500 829.55 0.01757319 Aug, 2013 860 862 810.55 815.1 878,400 815.1 -0.0519916 Aug, 2013 895 896 855.8 858.6 661,400 858.6 -0.0515315 Aug, 2013 904 904 904 904 0 904 014 Aug, 2013 895.4 914.25 886.4 904 335,800 904 0.01213113 Aug, 2013 859.9 897.5 851.3 893.1 405,500 893.1 0.03052512 Aug, 2013 883 891 861.65 866.25 342,500 866.25 -0.010229 Aug, 2013 875.15 875.15 875.15 875.15 0 875.15 08 Aug, 2013 874.5 884 862.5 875.15 354,000 875.15 0.0080887 Aug, 2013 870 879.5 860.75 868.1 291,300 868.1 0.0021336 Aug, 2013 893.05 896.8 862 866.25 252,600 866.25 -0.041165 Aug, 2013 895 909 869.35 902.65 194,600 902.65 0.017492 Aug, 2013 919.9 920.35 884.15 887 276,900 887 -0.028891 Aug, 2013 921.25 925.75 892.35 913 547,600 913 0.00406131 Jul, 2013 924 924 892 909.3 666,600 909.3 -0.0187930 Jul, 2013 934 944.35 923 926.55 705,700 926.55 -0.0036129 Jul, 2013 930 940.5 923.3 929.9 307,000 929.9 -0.00263

26 Jul, 2013 947 952 920.4 932.35 408,400 932.35 -0.0032125 Jul, 2013 940 952.15 928 935.35 475,900 935.35 -0.0185424 Jul, 2013 972.2 973 942.55 952.85 304,400 952.85 -0.0380523 Jul, 2013 987 994 982.35 989.8 551,000 989.8 0.01532222 Jul, 2013 961 977.45 956.7 974.75 312,400 974.75 0.01623819 Jul, 2013 989 989 955.15 959.05 579,800 959.05 -0.026818 Jul, 2013 988 992 955.4 985.1 851,500 985.1 0.00498717 Jul, 2013 1,014.00 1,014.00 968.5 980.2 674,000 980.2 -0.0231916 Jul, 2013 1,034.70 1,034.70 997.4 1,003.20 775,400 1,003.20 -0.0577615 Jul, 2013 1,055.00 1,064.90 1,050.60 1,062.85 182,000 1,062.85 0.00084712 Jul, 2013 1,063.00 1,068.35 1,052.10 1,061.95 163,800 1,061.95 0.00363211 Jul, 2013 1,053.00 1,071.55 1,049.50 1,058.10 280,000 1,058.10 0.01893810 Jul, 2013 1,037.20 1,049.80 1,034.35 1,038.25 237,200 1,038.25 0.0034259 Jul, 2013 1,043.00 1,043.00 1,026.35 1,034.70 244,800 1,034.70 0.0065458 Jul, 2013 1,032.30 1,039.90 1,022.30 1,027.95 410,200 1,027.95 -0.022325 Jul, 2013 1,072.00 1,076.80 1,048.45 1,051.15 585,900 1,051.15 -0.012154 Jul, 2013 1,069.00 1,069.90 1,046.95 1,064.00 339,900 1,064.00 0.0005643 Jul, 2013 1,065.90 1,071.35 1,056.35 1,063.40 470,500 1,063.40 -0.014752 Jul, 2013 1,071.00 1,084.60 1,070.00 1,079.20 353,800 1,079.20 0.0088891 Jul, 2013 1,060.40 1,073.80 1,059.00 1,069.65 465,000 1,069.65 -9.3E-0528 Jun, 2013 1,045.00 1,075.10 1,044.00 1,069.75 252,300 1,069.75 0.03529727 Jun, 2013 1,040.05 1,043.00 1,025.25 1,032.65 382,100 1,032.65 0.00563226 Jun, 2013 1,043.00 1,046.35 1,020.50 1,026.85 317,200 1,026.85 -0.0062125 Jun, 2013 1,056.00 1,058.00 1,028.15 1,033.25 576,900 1,033.25 -0.0157524 Jun, 2013 1,038.90 1,053.00 1,029.50 1,049.65 632,700 1,049.65 0.00597221 Jun, 2013 1,038.90 1,049.95 1,027.25 1,043.40 543,000 1,043.40 -0.0022520 Jun, 2013 1,070.00 1,070.00 1,037.25 1,045.75 325,500 1,045.75 -0.0381819 Jun, 2013 1,091.80 1,091.80 1,078.20 1,086.45 152,000 1,086.45 -0.0041818 Jun, 2013 1,098.00 1,099.00 1,085.40 1,091.00 203,100 1,091.00 -0.0095317 Jun, 2013 1,104.80 1,107.00 1,080.60 1,101.45 265,400 1,101.45 -0.0001414 Jun, 2013 1,083.00 1,104.40 1,075.10 1,101.60 281,300 1,101.60 0.03111613 Jun, 2013 1,065.25 1,083.05 1,065.25 1,067.85 166,600 1,067.85 -0.0124712 Jun, 2013 1,073.90 1,089.50 1,065.20 1,081.25 283,900 1,081.25 0.00449611 Jun, 2013 1,110.60 1,115.00 1,073.35 1,076.40 308,600 1,076.40 -0.0381910 Jun, 2013 1,148.50 1,157.05 1,110.00 1,118.30 236,500 1,118.30 -0.020497 Jun, 2013 1,153.65 1,157.65 1,138.15 1,141.45 171,700 1,141.45 -0.010596 Jun, 2013 1,128.00 1,161.00 1,123.25 1,153.60 203,400 1,153.60 0.0168725 Jun, 2013 1,137.25 1,144.15 1,121.90 1,134.30 390,800 1,134.30 -0.00514 Jun, 2013 1,150.00 1,166.45 1,137.00 1,140.10 210,100 1,140.10 -0.003853 Jun, 2013 1,150.00 1,157.00 1,134.65 1,144.50 171,400 1,144.50 -0.0085331 May, 2013 1,182.00 1,185.80 1,149.00 1,154.30 280,200 1,154.30 -0.0243530 May, 2013 1,196.70 1,197.90 1,172.20 1,182.75 302,000 1,182.75 -0.0274829 May, 2013 1,229.00 1,232.10 1,208.40 1,215.70 179,500 1,195.70 -0.01393

28 May, 2013 1,220.25 1,236.90 1,219.00 1,232.75 319,800 1,212.47 0.01121727 May, 2013 1,206.00 1,225.00 1,195.00 1,219.00 228,300 1,198.95 0.01238224 May, 2013 1,188.80 1,209.90 1,177.70 1,204.00 220,800 1,184.19 0.02570123 May, 2013 1,194.00 1,205.85 1,161.90 1,173.45 256,200 1,154.15 -0.0307522 May, 2013 1,217.00 1,225.95 1,204.00 1,210.10 202,300 1,190.19 8.26E-0521 May, 2013 1,213.50 1,234.00 1,202.10 1,210.00 222,200 1,190.09 0.00111620 May, 2013 1,226.35 1,233.90 1,204.05 1,208.65 228,800 1,188.77 -0.0163717 May, 2013 1,204.45 1,233.65 1,203.20 1,228.60 346,400 1,208.39 0.01906416 May, 2013 1,183.10 1,218.00 1,183.10 1,205.40 239,300 1,185.57 0.01147315 May, 2013 1,150.00 1,198.35 1,150.00 1,191.65 378,500 1,172.05 0.03731814 May, 2013 1,150.55 1,166.00 1,141.70 1,148.00 166,600 1,129.11 -0.0017813 May, 2013 1,165.00 1,176.45 1,146.00 1,150.05 180,400 1,131.13 -0.0138610 May, 2013 1,145.50 1,169.85 1,145.50 1,166.10 201,900 1,146.92 0.0116459 May, 2013 1,159.85 1,165.00 1,144.85 1,152.60 190,600 1,133.64 -0.004728 May, 2013 1,165.00 1,175.90 1,146.25 1,158.05 225,300 1,139.00 -0.004917 May, 2013 1,145.00 1,171.95 1,145.00 1,163.75 256,300 1,144.60 0.0167236 May, 2013 1,127.20 1,148.50 1,109.65 1,144.45 360,100 1,125.62 0.0127073 May, 2013 1,169.00 1,171.00 1,122.45 1,130.00 377,400 1,111.41 -0.036322 May, 2013 1,161.20 1,186.75 1,158.80 1,171.80 295,500 1,152.52 0.0074091 May, 2013 1,163.15 1,163.15 1,163.15 1,163.15 0 1,144.01 030 Apr, 2013 1,154.90 1,170.00 1,142.10 1,163.15 340,200 1,144.01 0.0122429 Apr, 2013 1,148.00 1,159.60 1,133.55 1,149.00 240,700 1,130.10 0.00409926 Apr, 2013 1,174.90 1,188.00 1,125.30 1,144.30 834,000 1,125.47 -0.0285625 Apr, 2013 1,172.00 1,186.85 1,162.45 1,177.45 403,300 1,158.08 0.01346724 Apr, 2013 1,161.70 1,161.70 1,161.70 1,161.70 0 1,142.59 023 Apr, 2013 1,150.00 1,170.00 1,125.20 1,161.70 368,200 1,142.59 0.01190722 Apr, 2013 1,121.00 1,159.00 1,117.65 1,147.95 375,200 1,129.06 0.02224119 Apr, 2013 1,122.70 1,122.70 1,122.70 1,122.70 0 1,104.23 018 Apr, 2013 1,078.10 1,128.20 1,078.10 1,122.70 342,800 1,104.23 0.02274717 Apr, 2013 1,081.90 1,110.25 1,080.00 1,097.45 304,900 1,079.40 0.01686216 Apr, 2013 1,045.00 1,084.00 1,045.00 1,079.10 305,500 1,061.35 0.02962615 Apr, 2013 1,030.00 1,068.55 1,030.00 1,047.60 326,100 1,030.37 0.00253312 Apr, 2013 1,028.00 1,050.80 1,025.45 1,044.95 173,700 1,027.76 0.00494111 Apr, 2013 1,021.35 1,044.90 1,021.35 1,039.80 426,100 1,022.69 0.03458810 Apr, 2013 997.9 1,008.00 982.2 1,004.45 316,000 987.93 0.0145419 Apr, 2013 997 1,019.90 983.6 989.95 307,600 973.66 0.0011628 Apr, 2013 997 1,005.60 987.1 988.8 211,600 972.53 -0.009215 Apr, 2013 1,009.90 1,009.90 985 997.95 339,800 981.53 -0.011014 Apr, 2013 1,020.00 1,022.85 1,003.25 1,009.00 259,300 992.4 -0.021083 Apr, 2013 1,048.90 1,063.00 1,025.20 1,030.50 207,900 1,013.55 -0.016312 Apr, 2013 1,050.00 1,053.20 1,039.60 1,047.45 144,700 1,030.22 -0.004141 Apr, 2013 1,055.10 1,060.00 1,038.40 1,051.80 361,500 1,034.50

Average Of Log Number 0.000537

sDescriptive Statistics

SBI ICICI

Mean

-0.00086908

4 Mean0.00053680

1

Standard Error 0.00122575 Standard Error0.00141570

9

Median

-0.00019844

4 Median 0Mode 0 Mode 0Standard Deviation

0.019496745

Standard Deviation

0.022518235

Sample Variance

0.000380123

Sample Variance

0.000507071

Kurtosis 3.53003166 Kurtosis1.24667995

4

Skewness0.42872094

3 Skewness0.37630155

5

Range0.17582822

7 Range0.14577354

9

Minimum

-0.08290175

9 Minimum

-0.05775908

8

Maximum0.09292646

8 Maximum 0.08801446

Sum

-0.21987829

6 Sum0.13581059

6Count 253 Count 253